GulfMark extends term loan to 2014, stops quarterly principal payments

By Susanna Moon

Chicago, Jan. 30 - GulfMark Offshore, Inc. said it extended its term loan this month with Royal Bank of Scotland to July 1, 2014.

The company also will discontinue quarterly principal payments, of $33.3 million per year, under the facility in exchange for a fee and modifications to the existing loan covenant package, according to a company press release.

The balance of the term loan is $140 million and the interest rate is unchanged at Libor plus 250 basis points.

GulfMark is a Houston-based provider of offshore marine services.

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